(A) There is hereby reestablished a Pendleton Cumulative Capital Development Fund.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Pendleton Cumulative Capital Development Fund. The maximum amount of levy shall be as established by the Town Council.
(C) The funds accumulated in the Pendleton Cumulative Capital Development Fund will be used for the improvement of public streets as permitted by IC 36-9-16.5-3.
(D) Notwithstanding division (C), funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (C) if the purpose is to protect the public health, welfare, or safety in an emergency situation which demands immediate action. Money may be spent under the declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in the Fund.
(Ord. B-1-1987, passed 7-21-87; Am. Ord. 1990-05, passed 5-15-90; Am. Ord. 1993-15, passed 7-20-93)